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tv   Asia Business Report  BBC News  December 6, 2023 3:30am-3:46am GMT

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climate change is affecting a healthy kitchen staple. welcome to the asia business report. we begin with the price of bitcoin. it briefly hit us$44,000 on tuesday the highest since april 2022 and a turn of fortunes for the cryptocurrency which has more than doubled in value since the beginning of the year. from new york, this report. this is the highest level we have seen bitcoin climb to since april 2022, and a lot has happened since then. in may of 2022 a stable coin crash sent a shock to the system losing investors tens of billions of dollars. a crypto winter followed when asset prices plummeted
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and then the collapse of the ftx cyrptocurrency exchange in november 2022, and the ftx founder was found guilty of fraud and money laundering last month. also in november, the ceo of binance, the largest cryptocurrency exchange, pleaded guilty to anti—money laundering and us sanctions violations and paid a $50 million fine and the company paid a $4.3 billion fine. but bitcoin, it seems, is no worse for the wear. the price climbed above $44,000 tuesday and shares of coinbase global, the largest crypto exchange in the us were up as well. bitcoin minors traded up as well. here are some of the wind in their sails. us regulators are expected to approve an exchange traded fund that directly holds bitcoin. that could happen as early as next month and traders are betting on it. australia's economy barely grew in the third quarter with gdp rising just 0.2%, the slowest growth in a year. households have been cutting back on spending and exports
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have also been flagging and data further shows high interest rates are cooling demand. katrina ell broke down the numbers. what was interesting was if you are looking below the headline, we did see household consumption was flat and part of that was driven by the fact that there was some support for households and limited support for households over the quarter coming from the government in terms of some utility bills and also childcare but more broadly what we are seeing is that households no doubt are under pressure with this double whammy of higher borrowing costs continuing to impact as well as inflation still being elevated so really a household slowing story coming out of this data. in terms of gdp, the slowest growth in a year, do you see that picking up time soon? unfortunately, not. 0ur expectation is that next year will not be any better for the australian economy,
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unfortunately, because at the end of the day our expectation is the rba will keep cash rates at this elevated level for quite some time so we are not looking at rate cuts actually coming into view until at the earliest, the september quarter of next year, meaning that households and also business investment as well will remain under pressure. the important point to note is that monetary policy operates with a lag, so we're looking at 6—9 months until the full impact of one rate hike fully materialises in the economy. given the last rate hike happened in november, we still have some pain ahead of us before we feel the impact of the higher borrowing costs. we are nearly halfway into cop28 and there seems like there is some progress. in one agreement, 110 governments have agreed to triple renewable energy
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by 2030, the bbc caught up with one policymaker who believes we will and can transition away from fossil fuels. if you do not have investment in renewables and a shutdown those fossil fuel power plants, then you will have a huge backlash from society. what i mean is that we should strengthen and ramp up efforts to invest more in renewables. that can help people feel more comfortable when it comes to phasing out of the coal—fired power plants. i am a chinese national and worked with the chinese government for three decades and i have witnessed with my own eyes and i was personally involved in chinese reform over the last four decades. chinese government and people are fully aware of the need to work with other members of the international community to deal with the
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climate change and also sustainable development. when you look at what chinese government has been doing, i think you should feel confident that china will contribute more. china says it is disappointed by a warning from moody's toa grand to a grand day at —— to our downgrade. china says it is disappointed by the decision by ratings agency moody's to downgrade beijing's credit rating and it sets cost to ballot local government and state firms could weigh on the world number two economy. we have a commodities forecaster and he told me what else is rattling the markets. it is interesting that when that first happened, oil prices went up because there was great concern that iran could be
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pulled into it and it would turn into a broader middle eastern conflict and disrupt global oil supplies. but we have actually seen the price fall since the third week of october on trend and that is because expectation is that this could balloon as a conflict in the middle east has somewhat been assuaged, yes, iranian proxies continue to wage war on israel but iran proper seems to be trying to keep distance and avoid directly coming into the fray. as long as that happens, then the global risk dynamics will be the bigger premium and not the premium that iranian oil supplies become disrupted. what is your outlook for the oil markets in the months ahead and going into next year? in the short term, i think we have more additional downside risk, oil is not the only commodity under pressure, copper, aluminium, other precious metals because of the global growth concern and that is the near term. when we get to next year,
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the middle of next year and the latter part of next year, there are some more upsides to oil prices because we are in a tight inventory situation and if we begin to see interest rates get cut and the dollar fall further, there is more upside for current prices. from one type of oil to another, and olive oil, spain is the biggest producer of that, providing almost half of what is consumed globally but over the last year, prices have spiralled. this woman doesn't cook with olive oil as much as she used to because it is become so expensive, rising more than 70% so far this year and in many shops its price has more than doubled.
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translation: before, i a bottle cost around 3 or 4 euros, but now costs as much as 8 or 10 euros. i have to go from supermarket to supermarket, looking for the best offer. the rise in the price is closely linked to the quantity of olive oil being produced. in the southern provinces, the heartland of spanish olive oil production, the annual harvest is under way. but the mood among farmers is downbeat. translation: although the harvest has onlyjust begun, this year is turning out to be bad. i'm afraid it could be even worse than last year, which was poor. a lack of rain is the main cause of this low output. for this cooperative, which has the largest olive oil extraction factory in the world, it is a big worry. especially as climate change lengthens the dry summer season.
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translation: in order to grow the crop, we need water - and we have not had enough rain in the last year so because there is this product, the price goes up. the rise in the price of oil has hit countries across europe, including the uk. but it's been sharper in spain. in great part because demand is so high here, pushing prices up further when there is a shortage. olive oil is a staple of the famous mediterranean diet because of its much vaunted nutritional properties. but in recent months, consumption has dropped dramatically because it has become so expensive. experts warn that that is not just bad for the olive oil industry, it is also bad for people's health.
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translation: the rise in the price of olive oil. obviously means the people are consuming other, cheaper types of oil instead, but that is a mistake because the quantity of oil we recommend people consume is so small. with many areas of spain experiencing a long drought, both the supply and price of olive oil appear to be at the mercy of the weather. guy hedgecoe, bbc news, southern spain. that is all for this moment in this edition of asia business report. all the stories are on the bbc website. thank you for watching and stay with us. the first ever haricot beans grown in the uk tend during a trial at a spalding factory. they're delivered to us in the dry format and we have
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to rehydrate them. then the next process is fill these into the can. we then add the tomato sauce and spices. what spices? they are better than heinz! the seeds for these beans took 12 years to develop by scientists at the university of warwick. they aim to make them exactly the same as what shoppers expect. we are always trying to grow new things and do things to save on food mileage and imports
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because we are importing too much food and to be able to produce something that we consume in such great quantities in this country, it's just unbelievable. it could take years to replace the entire supply chain from canada and china but, today marks the start of a journey to self—sufficiency. hey. i am dylan with the catch up. tonight: exposing the �*rolex rippers�*. a skydive with a twist. and the first look at grand theft auto 6. but, first, the government has signed a new deal with rwanda saying it will guarantee the safety of asylum seekers sent there. to try and stop people coming, the uk wants to send those who cross the channel, because it puts them at risk. the man in charge says this new treaty solves those issues but the plan still has to get past mps and maybe face judges again. some other stories now. a 28—year—old man has been arrested on suspicion of attempted murder after a woman was stabbed in south wales.
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police were called to aberfan on tuesday morning. witnesses say the victim was pregnant. bbc three is exposing violent watch thefts, £50 million worth taken in london last year, many snatched straight from victims�* wrists. there is more on hunting the rolex rippers on iplayer. the number of teenagers in the uk not eating because they do not have the money is one of the highest in europe. research found 11% skipped a meal at least once a week, the global average is 8%. an official look at gta 6 has already been watched 80 million times on youtube. the trailer confirms the game has a female lead character and is set in a miami—inspired city but it will not be out until 2025. finally, here is ten seconds of height. this is brian, riding a wakeboard being towed by a drone and base—jumping 77 storeys in dubai.
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but don't worry — he landed safely on the beach. that is from me, you are all caught up. hello, i'm marc edwards. welcome to sportsday. here's what's coming up on the show. they had a dream but it is over. team gb�*s women's football team will not feature at paris 2024. rice to the rescue as arsenal edge luton in a seven—goal thriller to go five points clear at the top. no trouble at old trafford according to ten hag — disunity in the united dressing room is denied.
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hello and thanks for joining us on the show. we start with football, and it was a case of so near and yet so far for england. it was a match with so much at stake and in the end so much drama and heartbreak. england and by the same virtue team gb will not be at the olympic games. the english were nominated to represent british hopes for paris 2024 qualification and needed to beat scotland by three more goals than the netherlands in their match against belgium to maintain their chances of grabbing a ticket for next years extravaganza in the french capital. on the field, sarina wiegman�*s side doing everything right with a 6—0 victory over scotland. they were actually heading to the nations league final as the match between the dutch and the belgians ticked into injury time in tillberg, but amazingly the netherlands scored two goals in the 91st
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and 95th minute of the match to go through on goal difference.

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